July 2011 Current Events: Business News
Here are the key events in business news for the month of July 2011.
European Bankers Meet to Discuss Greek Debt Plan (July 6): In an effort to contribute to Greece's debt relief, European bankers and government officials meet in Paris. The meetings continue despite the European Central Bank's opposition and warnings from rating agencies that all debt relief plans discussed so far would be considered a default. Officials are hoping for a controlled default, a plan where Greece can bounce back out of default within hours or days, easing the debt burden while minimizing the risk of an unpredictable reaction in the market. There is speculation that a default by Greece could start a panic like the one set off by the 2008 Lehman Brothers collapse.
Job Growth Continues to Stall (July 8): For the second month in a row job growth comes up short, a sign that the economic recovery is slowing down. The Labor Department reports that only 18,000 new nonfarm payroll jobs were added in June and the unemployment rate rose from 9.1 percent in May to 9.2 percent in June. The report leaves economists puzzled because job growth was expected in June as oil prices decreased.